TK Development has conditionally sold an 11,100 m2 retail park project in Vilnius, Lithuania to BPT Baltic Opportunity Fund.
TK Development has conditionally sold an 11,100 m2 retail park project in Vilnius, Lithuania to BPT Baltic Opportunity Fund.
The sale price was not disclosed but TK Development said it is based on a return requirement of 8.5% per annum.
The 11,100 m2 DomusPro park project is expected to be built in two phases, with the first phase comprising about 7,500 m2.
TK Development expects to start building the retail park in autumn 2013 and anticipates opening the first phase in spring 2014 at the same time as closing the sale of this phase. Construction of the second phase will be initiated upon achieving a satisfactory occupancy level.
The first phase has a current occupancy rate of 79% with supermarket operator RIMI as the anchor tenant.
The buyer, UAB BPT Baltic Fund 2, forms part of BPT Baltic Opportunity Fund and is managed by BPT Asset Management. BPT is an international real estate asset manager focusing on Central, Eastern and Northern Europe that manages a portfolio of more than 1 million m2. The acquisition is the fourth for BPT Baltic Opportunity Fund and the first in Vilnius.
